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CVNA

Carvana Co.Close $70.04EOD only

Max Pain

$74.00

Next expiry Jun 18, 2026

Expected Move

±$3.41

4.9% from close

Price Gap

+3.96

Distance to max pain

IV Rank

High premium

P/C OI

0.86

Slightly call-heavy

Consensus

6.5/10

Bullish tilt

Published snapshot: Jun 16, 2026 close

End-of-day snapshot

This page reflects CVNA options positioning from the latest published market-close snapshot. Intraday price and contract changes are not displayed.

Published Snapshot

Jun 16, 2026 close

CVNA Flow Report

Analysis based on market close June 17, 2026

Directional Theta Gang Flow Earnings Consensus

Historical consensus-supported lens with full content, report chain context, and metric rail.

Flow Verdict

Confidence:

6.5 / 10

base 5; +2 GEX/flow strongly aligned; -1 spot 15.1% from MP; +0.5 VIX 18

Watch next session: Monitor put OI changes; Spot action near $60

Flow Summary

Net premium: -$44.2M bearish

P/C volume ratio: 2.05

P/C OI ratio: 0.87

Heavy put buying dominates, especially in June 18 $76-82 puts. Negative net premium, negative GEX, and spot below gamma flip ($60). Bearish sentiment reinforced by market weakness and high put/call ratio.

Notable Prints

CVNA 2026-08-21 $65.00 Call

Vol: 6,877

OI: 297

Vol/OI: 23.1x

IV: 81.8%

Notional: ~$5.4M

Intent: Bullish positioning

Dual read: Could be hedge for short stock

Read-through: High vol/oi suggests new large call buyer

CVNA 2026-06-26 $65.00 Call

Vol: 506

OI: 104

Vol/OI: 4.9x

IV: 70.8%

Notional: ~$103K

Intent: Unclear flow intent

Read-through: Needs contextual interpretation.

CVNA 2026-06-18 $82.00 Put

Vol: 3,076

OI: 701

Vol/OI: 4.4x

IV: 201.6%

Notional: ~$5.9M

Intent: Unclear flow intent

Read-through: Needs contextual interpretation.

CVNA 2026-06-18 $84.00 Put

Vol: 714

OI: 162

Vol/OI: 4.4x

IV: 393.0%

Notional: ~$1.3M

Intent: Bearish hedge or speculation

Dual read: Extreme IV indicates panic buying

Read-through: OTM put with high IV, likely sentiment shift

CVNA 2027-03-19 $120.00 Call

Vol: 2,571

OI: 593

Vol/OI: 4.3x

IV: 71.4%

Notional: ~$1.1M

Intent: Unclear flow intent

Read-through: Needs contextual interpretation.

Institutional Positioning

Call additions: Aug $65 call (23x OI), Jun $65 call, Mar '27 $120 call

Put additions: Heavy put vol: $76 (13.6k), $82 (3.1k), $84 (714), $61.5 (591); OI low except $76

GEX/DEX consistency: GEX -$15.4M, DEX +46.7M shares – mixed, consistent with dealer hedging short gamma

OI clusters: Largest put OI: $76 (5,971), $78 (2,376); call OI: $65 (291 expiring, 297 Aug)

Hedging evidence: Minimal collars; put buyers concentrated near term

Max pain context: Spot ~$64, below MP (~$70-75); pinning likely near $60-65

Signal vs Noise

~Heavy $76 put vol vs low OI suggests new positioning, not hedging

~Call OI build in Aug $65 is real signal despite small size

~Large put/call volume ratio (2.05) but OI ratio <1 indicates intraday bearish bias

~Expiring $65 call vol (739) is noise from gamma scalping

Key Conclusions

🐻Bearish short-term bias from put accumulation

📈Long-dated call accumulation signals bullish outlook beyond expiry

How to Use These Reports

This flow reflects the market close on June 17, 2026.

What the reports do

Each report translates the same market-close options snapshot into a specific lens such as directional bias, premium-selling posture, flow quality, or earnings setup.

How traders use them

Reports are most useful for narrowing the playbook, surfacing entry and risk context, and deciding which raw data page to inspect next.

What to remember

These are interpretation layers, not execution guarantees. Validate the setup against chain liquidity, expected move, and exposure before sizing risk.

If the report conviction and the raw data disagree, slow down and resolve the mismatch before sizing risk.